Pengaruh cash flow, expenditure dan nilai perusahaan terhadap cash holding pada perusahaan sektor pertambangan yang terdaftar di bursa efek indonesia periode 2012-2015

Dana Ariana, Michael Hadjaat, Rizky Yudaruddin

Abstract


Penelitian  ini  bertujuan  untuk  menganalisis  pengaruh  arus  kas,  pengeluaran  dan  nilai perusahaan  terhadap  cash  holding.  Model  penelitian  ini  dianalisis  dengan  Fixed  Effect  Methode (FEM). Populasi perusahaan penambangan penelitian ini terdaftar Bursa Efek Indonesia. Penelitian ini menggunakan  metode  purposive  sampling.  Sampel  dalam  penelitian  ini  adalah  27  perusahaan pertambangan  yang  terdaftar  di  Bursa  Efek  Indonesia  dari  tahun  2012-2015.  Penelitian  ini menggunakan  data  panel,  data  yang  digunakan  dalam  penelitian  ini  berasal  dari  laporan  keuangan tahunan  dan  laporan  keberlanjutan  perusahaan  pertambangan  yang  terdaftar  di  Bursa  Efek  Indonesia untuk  periode  2012-2015.  Hasilnya  menunjukkan  bahwa  arus  kas  dan  pengeluaran  tidak  signifikan positif  dalam  memegang  uang  tunai,  sementara  nilai  perusahaan  secara  signifikan  negatif  pada perusahaan holding tunai.

Keywords


arus kas; pengeluaran; nilai perusahaan; perusahaan pertambangan

References


Afza, T., and Adnan, S.M. (2007). “Determinants of corporate cash holdings: A case study of Pakistan”. Proceedings of Singapore Economic Review Conference (SERC) 2007, August 01-04, Organized by Singapore Economics Review and The University of Manchester (Brooks World Poverty Institute), Singapore 164-165. 1-12

Almeida, H., Campello, M. and Weishbach, M.S. (2004) The Cash Flow Sensitivity of Cash, Journal of Finance, 59, pp. 1777- 1804.

Baizrakhmanov, Baizhanysh dan Gu, Xiaochen. (2016). An Empirical Study of the Impact of Excess Cash Holdings on Enterprise Value for Nordic and Chinese Listed Companies. 1-50

Brealey, A, Richard., Myers, C, Stewart., dan Marcus, J, Alan. 2008. Dasar-dasar Manajemen Keuangan Perusahaan. Erlangga. Jakarta.

Brigham. F. Eugene., dan Houston. F. Joel. 2004. Fundamentals of financial management, Tenth Edition. Thomson. South Western.

Fiyanto, Arif. (2014). Bagaimana pertambangan batubara melukai perekonomian Indonesia.https://www.greenpeace.org/seasia/id/PageFiles/595527/Bagaimana%20pertambangan%20batubara%20melukai%20perekonomian%20indonesia.pdf. Diakses Hari Kamis tanggal 16 November 2017 pukul 20:42

Fladian, Virginia Bebby. 2013. Dampak Krisis Global Terhadap Ketenegakerjaan di Indonesia. https://www.kompasiana.com/virginiafladian/dampak-krisis-global-terhadap-ketenagakerjaan-di-indonesia_55282627f17e61a01d8b4603. Diakses hari Kamis Tanggal 16 November 2017 pukul 20.42

Garcia-Teruel, P., & Martinez-Solano, P. (2008). On the determinants of SME cash holdings: Evidence from Spain. Journal of Business Finance & Accounting,

Gill. A and Shah, C (2012): “Determinants of Corporate Cash Holdings: Evidence from Canada”. International Journal of Economics and Finance, 4(1);70-79.

Gitman J Lawrence & Zutter, J. Chad. (2012). Principles of Managerial Finance, Thirteenth Edition. Global Edition: Pearson Eduaction Limited.

Islam, Sohani. (2012). Manufacturing Firms’ Cash Holding Determinants: Evidence from Bangladesh, International Journal of Business and Management., 7(6). 172-184.

Jensen, M., & Meckling, W. (1976). Theory of the firm: Managerial behaviour, agency costs and ownership structure. Journal of Financial Economics, 3, 305–360.

Kim, J., Kim, H., & Woods, D. (2011). Determinants of corporate cash-holding levels: An empirical examination of the restaurant industry. International Journal of Hospitality management, 30(3), 568-574

Martani, Dwi., NPS, Veronica, Sylvia., Wardhani, Ratna., Farahmita, Aria., Tanujaya, Edward. 2012. Akuntansi Keuangan Menengah Berbasis PSAK. Salemba Empat, Jakarta.

Miller, M. H., & Orr, D. (1966). A model of the demand for money by firms. Quarterly Journal of Economics, 80(3), 413–435.

Myers, Stewart.C. 1984. The Capital StructurePuzzle, Journal of Finance, 39,575-592

Myers, S.C. dan Maljufm N.S. 1984. Corporate Financing and Investment Decisions When Firm Have Information That Investor Do Not Have, Journal of Financial Economic, 12:187-221.

Nuryono, Sandiyu. (2011). Industri manufaktur tertekan akibat krisis global. http://ekonomi.inilah.com/read/detail/1807662/industri-manufaktur-tertekan-akibat-krisis-global. Diakses tanggal 7 Juni 2017 Pukul 18:00 WITA

Ogundipe, L. C., Ogundipe, S. E., & Ajao, S. K. (2012). Cash holding and firm characteristics: evidence from nigerian emerging market. Journal of Business, Economics & Finance (2012), Vol.1 (2)

Opler, T., Pinkowitz, L., Stulz, R., & Williamson, R. (1999). The determinants and implications of corporate cash holdings. Journal of Financial Economics, 52, 3–46.

Saddour, Khaoula. 2006. The Determinants and Value of Cash Holdings: Evidence From French Firm, Centre de Recherches sur la Gestion. Universite Paris Dauphine




DOI: https://doi.org/10.30872/jmmn.v10i1.2647

Refbacks

  • There are currently no refbacks.


Copyright (c) 2018 Dana Ariana, Michael Hadjaat, Rizky Yudaruddin

Crossref logo 

Editorial Address

Jurnal Manajemen
Faculty of Economics and Business, Mulawarman University
Jl. Tanah Grogot No.1 Samarinda Kalimantan Timur 75119
Email: jmmn.feb.unmul@gmail.com
Statcounter: Jurnal Manajemen